US Inflation Remains High Amid Ongoing Trade Tensions

The US inflation rate remains high despite efforts to curb it, with prices rising 3.7% in July compared to the same period last year.

This is significantly above the Federal Reserve's target of 2%, and a notable increase from the 2.9% inflation rate in late February, when the Iran war began.

The Fed's preferred measure of inflation, which excludes food and energy prices, was also unchanged at 3.3% last month.

Some economists believe that higher interest rates may be necessary to bring inflation under control, but others argue that holding rates steady could allow inflation to cool on its own.